“An Bird Offer in Hand is Worth Two in the Bush”

It certainly seems like a reasonable request over Thanksgiving — or any other long holiday weekend, for that matter:  a Buyer’s phone-ringagent who connects with the listing agent (representing the Seller) to make sure that the Seller is available and able to respond to an offer in a timely fashion.

Otherwise, why rush to send it?

Trap(s) for the Inexperienced

The catch for listing agents (two, actually):

One. Once assured that the Seller is indeed available to field an offer, said offer frequently has a funny way of being slow to materialize.

Or never materializes.

Which means that . . . 

Two. The Seller whose Thanksgiving (or Christmas, or 4th of July) you interrupted to expect an offer is left waiting, high and dry.

Avoiding, “Did ‘Ya Get It Yet?!?” (x 5)

Which is why my policy (and many other veteran agents’) is not to communicate to my Sellers about prospective offers until:  a) I have it in hand, with all the i’s dotted and t’s crossed; and b) I’ve received the Buyer’s Pre-Approval letter, and been able to reach the Buyer’s lender to verify basic info.

Do Buyers like that stance?

No, not usually.

But, a Buyer who submits an offer and is frustrated by a slow Seller response has the ultimate recourse:  they can withdraw their offer at any time.

P.S.:  Of course, if I know my Seller is on safari in Africa (or some such) and truly unavailable for a stretch of time, I’ll let the other agent know that.

See also, “Listing Agent Refrain: ‘Put it in Writing‘”; and “So, What WOULD the Buyer Be Willing to Pay?

About the author

Ross Kaplan has 19+ years experience selling real estate all over the Twin Cities. He is also a 12-time consecutive "Super Real Estate Agent," as determined by Mpls. - St. Paul Magazine and Twin Cities Business Magazine. Prior to becoming a Realtor, Ross was an attorney (corporate law), CPA, and entrepreneur. He holds an economics degree from Stanford.

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